Lisa Airplanes goes into receivership

French-based Lisa Airplanes, which is developing the amphibious Akoya, has voluntarily asked the Commercial Court of Chambery to place the company in receivership.

Founded in 2004, the company has been primarily financed by private funds from business angels and other investors. However, the latest round of fundraising to take the company to the next step fell through, according to officials with the company, who said that the “historical shareholders could not secure Lisa Airplanes’ financial plan” so “the founders decided to place the company into receivership on July 30 in order to protect its future.”

Company officials note “this situation has no impact on our clients’ deposits, all of them being under a bank warranty.”

The receivership basically buys time for the company, protecting its assets while officials scramble to find new financing. The courts have granted it a “six-month phase of observation” to find those new investors or some other form of financing.

The Akoya is a two-seater amphibious airplane which will be able to land on ground, water or snow, company officials promise. It is designed to fit into the Light-Sport Aircraft category.